# Textiles - Spinning — company-by-company sector analysis

> Textiles - Spinning: Vardhman Textiles Ltd owns the largest revenue base; Sanathan Textiles Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Textiles - Spinning has outperformed NIFTY 500 by 24.7% over 52 weeks and 18.7% over 13 weeks. 11 of 13 covered companies beat NIFTY on Mansfield relative strength, while 5 of 12 beat the sector itself. Vardhman Textiles Ltd leads with revenue of ₹9,869 crore, based on 12 of 13 comparable companies through Mar 2026.

### Is the Textiles - Spinning sector outperforming NIFTY 500?

Textiles - Spinning has outperformed NIFTY 500 by 24.7% over 52 weeks and 18.7% over 13 weeks. 11 of 13 covered companies beat NIFTY on Mansfield relative strength, while 5 of 12 beat the sector itself.

### Which Textiles - Spinning company is largest by revenue?

Vardhman Textiles Ltd leads with revenue of ₹9,869 crore, based on 12 of 13 comparable companies through Mar 2026.

### Which Textiles - Spinning company is growing fastest?

Sanathan Textiles Ltd has the fastest current revenue growth at 27.1%, across 12 of 13 comparable companies.

### Which Textiles - Spinning company has the strongest 4-Factor Sector Score?

Sangam (India) Ltd ranks first at 67.9/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Textiles - Spinning company reports the most CAPEX?

Sanathan Textiles Ltd reports the largest latest CAPEX at ₹409 crore, with 3 of 13 companies comparable.

### Which Textiles - Spinning company has the least gross debt?

Ambika Cotton Mills Ltd has the lowest comparable gross debt at ₹0 crore. Vardhman Textiles Ltd has the highest at ₹1,855 crore.

### Which Textiles - Spinning company has the lowest comparable PEG?

Sangam (India) Ltd has the lowest comparable Guarded PEG at 0.52, among 5 of 13 companies that pass the metric’s comparability rules.

### How much history does this Textiles - Spinning comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Textiles - Spinning has outperformed NIFTY 500 by 24.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 18.7%. 11 of 13 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Sportking India Ltd is the strongest against the sector itself at +42%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 19%
52-week sector return versus NIFTY 500: 25%
Stocks leading NIFTY: 11/13
Stocks leading sector: 5/12

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 13
Combined market value: ₹74.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Sangam (India) Ltd (SANGAMIND): 68/100 — Favorable setup; evidence 100%
   - Growth & earnings 30.7/35 | Capital efficiency 9.6/25 | Valuation 14.9/20 | Relative strength 12.7/20
   - Exact sum: 30.7 + 9.6 + 14.9 + 12.7 = 67.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Sportking India Ltd (SPORTKING): 64/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 15.4/35 | Capital efficiency 17.0/25 | Valuation 11.9/20 | Relative strength 20.0/20
   - Exact sum: 15.4 + 17 + 11.9 + 20 = 64.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 75.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Swaraj Suiting Ltd (SWARAJ): 63/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 17.7/35 | Capital efficiency 15.8/25 | Valuation 12.1/20 | Relative strength 17.0/20
   - Exact sum: 17.7 + 15.8 + 12.1 + 17 = 62.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Indo Rama Synthetics (India) Ltd (INDORAMA): 56/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 26.6/35 | Capital efficiency 11.2/25 | Valuation 12.5/20 | Relative strength 5.6/20
   - Exact sum: 26.6 + 11.2 + 12.5 + 5.6 = 55.9
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -32.5% and the one-year return is -4.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Ambika Cotton Mills Ltd (AMBIKCO): 55/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 18.0/35 | Capital efficiency 18.3/25 | Valuation 9.9/20 | Relative strength 9.2/20
   - Exact sum: 18 + 18.3 + 9.9 + 9.2 = 55.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Nitin Spinners Ltd (NITINSPIN): 52/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 12.7/35 | Capital efficiency 14.0/25 | Valuation 8.3/20 | Relative strength 17.1/20
   - Exact sum: 12.7 + 14 + 8.3 + 17.1 = 52.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 38.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. RSWM Ltd (RSWM): 51/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 18.6/35 | Capital efficiency 4.6/25 | Valuation 10.7/20 | Relative strength 17.0/20
   - Exact sum: 18.6 + 4.6 + 10.7 + 17 = 50.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. K P R Mill Ltd (KPRMILL): 51/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 13.8/35 | Capital efficiency 22.9/25 | Valuation 6.8/20 | Relative strength 7.2/20
   - Exact sum: 13.8 + 22.9 + 6.8 + 7.2 = 50.7
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
9. Rajapalayam Mills Ltd (RAJPALAYAM): 47/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 19.8/35 | Capital efficiency 9.4/25 | Valuation 11.5/20 | Relative strength 5.9/20
   - Exact sum: 19.8 + 9.4 + 11.5 + 5.9 = 46.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Sanathan Textiles Ltd (SANATHAN): 36/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 11.9/35 | Capital efficiency 7.8/25 | Valuation 8.8/20 | Relative strength 7.4/20
   - Exact sum: 11.9 + 7.8 + 8.8 + 7.4 = 35.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Vardhman Textiles Ltd (VTL): 35/100 — Adverse evidence; evidence 96%
   - Growth & earnings 11.4/35 | Capital efficiency 12.6/25 | Valuation 2.2/20 | Relative strength 8.6/20
   - Exact sum: 11.4 + 12.6 + 2.2 + 8.6 = 34.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Pashupati Cotspin Ltd (PASHUPATI): 33/100 — Adverse evidence; evidence 83%
   - Growth & earnings 9.3/35 | Capital efficiency 12.6/25 | Valuation 8.0/20 | Relative strength 2.7/20
   - Exact sum: 9.3 + 12.6 + 8 + 2.7 = 32.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Jaybharat Textiles & Real Estate Ltd (512233): 42/100 — Thin evidence · provisional; evidence 20%
   - Growth & earnings 18.7/35 | Capital efficiency 6.1/25 | Valuation 10.0/20 | Relative strength 7.5/20
   - Exact sum: 18.7 + 6.1 + 10 + 7.5 = 42.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Vardhman Textiles Ltd is the scale leader at ₹9,869 crore, 48.4% ahead of K P R Mill Ltd. Sanathan Textiles Ltd's growth is 27.1% from a ₹3,811 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Vardhman Textiles Ltd is the scale benchmark; Sanathan Textiles Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Vardhman Textiles Ltd's growth falls below Sanathan Textiles Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Vardhman Textiles Ltd · ₹9,869 crore | 48.4% versus #2 · K P R Mill Ltd | 5/8 recent comparable periods | 12/13 companies · 187 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Vardhman Textiles Ltd (VTL): ₹9.9K Cr
2. K P R Mill Ltd (KPRMILL): ₹6.7K Cr
3. Indo Rama Synthetics (India) Ltd (INDORAMA): ₹4.9K Cr
4. RSWM Ltd (RSWM): ₹4.6K Cr
5. Sanathan Textiles Ltd (SANATHAN): ₹3.8K Cr

### Revenue growth — fastest growers
1. Sanathan Textiles Ltd (SANATHAN): 27%
2. Swaraj Suiting Ltd (SWARAJ): 18%
3. Indo Rama Synthetics (India) Ltd (INDORAMA): 15%
4. Sangam (India) Ltd (SANGAMIND): 12%
5. Ambika Cotton Mills Ltd (AMBIKCO): 11%

### 20-quarter Revenue history
- KPRMILL: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- VTL: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- SANATHAN: Sep 2021 ₹715 Cr | Dec 2021 ₹877 Cr | Mar 2022 ₹877 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹710 Cr | Sep 2023 ₹746 Cr | Dec 2023 ₹780 Cr | Mar 2024 ₹756 Cr | Jun 2024 ₹781 Cr | Sep 2024 ₹742 Cr | Dec 2024 ₹743 Cr | Mar 2025 ₹732 Cr | Jun 2025 ₹745 Cr | Sep 2025 ₹818 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- SANGAMIND: Sep 2021 ₹639 Cr | Dec 2021 ₹650 Cr | Mar 2022 ₹738 Cr | Jun 2022 ₹713 Cr | Sep 2022 ₹709 Cr | Dec 2022 ₹605 Cr | Mar 2023 ₹685 Cr | Jun 2023 ₹677 Cr | Sep 2023 ₹629 Cr | Dec 2023 ₹621 Cr | Mar 2024 ₹701 Cr | Jun 2024 ₹693 Cr | Sep 2024 ₹676 Cr | Dec 2024 ₹754 Cr | Mar 2025 ₹734 Cr | Jun 2025 ₹790 Cr | Sep 2025 ₹786 Cr | Dec 2025 ₹775 Cr | Mar 2026 ₹884 Cr | Jun 2026 ₹860 Cr
- NITINSPIN: Sep 2021 ₹665 Cr | Dec 2021 ₹705 Cr | Mar 2022 ₹769 Cr | Jun 2022 ₹709 Cr | Sep 2022 ₹506 Cr | Dec 2022 ₹537 Cr | Mar 2023 ₹655 Cr | Jun 2023 ₹617 Cr | Sep 2023 ₹737 Cr | Dec 2023 ₹750 Cr | Mar 2024 ₹801 Cr | Jun 2024 ₹803 Cr | Sep 2024 ₹823 Cr | Dec 2024 ₹839 Cr | Mar 2025 ₹841 Cr | Jun 2025 ₹793 Cr | Sep 2025 ₹760 Cr | Dec 2025 ₹801 Cr | Mar 2026 ₹860 Cr | Jun 2026 —
- SPORTKING: Sep 2021 ₹524 Cr | Dec 2021 ₹587 Cr | Mar 2022 ₹593 Cr | Jun 2022 ₹606 Cr | Sep 2022 ₹552 Cr | Dec 2022 ₹513 Cr | Mar 2023 ₹534 Cr | Jun 2023 ₹539 Cr | Sep 2023 ₹628 Cr | Dec 2023 ₹599 Cr | Mar 2024 ₹611 Cr | Jun 2024 ₹634 Cr | Sep 2024 ₹652 Cr | Dec 2024 ₹610 Cr | Mar 2025 ₹629 Cr | Jun 2025 ₹586 Cr | Sep 2025 ₹627 Cr | Dec 2025 ₹646 Cr | Mar 2026 ₹637 Cr | Jun 2026 —
- PASHUPATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹156 Cr | Sep 2024 ₹345 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹170 Cr | Jun 2026 —
- INDORAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹890 Cr | Mar 2023 ₹880 Cr | Jun 2023 ₹770 Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹940 Cr | Mar 2024 ₹904 Cr | Jun 2024 ₹944 Cr | Sep 2024 ₹951 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- RSWM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹855 Cr | Mar 2023 ₹956 Cr | Jun 2023 ₹902 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹977 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- AMBIKCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹188 Cr | Mar 2023 ₹186 Cr | Jun 2023 ₹222 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹196 Cr | Mar 2024 ₹206 Cr | Jun 2024 ₹209 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹136 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹200 Cr | Dec 2025 ₹174 Cr | Mar 2026 ₹215 Cr | Jun 2026 —
- SWARAJ: Sep 2021 ₹82 Cr | Dec 2021 — | Mar 2022 ₹47 Cr | Jun 2022 — | Sep 2022 ₹45 Cr | Dec 2022 — | Mar 2023 ₹174 Cr | Jun 2023 — | Sep 2023 ₹143 Cr | Dec 2023 — | Mar 2024 ₹177 Cr | Jun 2024 — | Sep 2024 ₹162 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹169 Cr | Jun 2025 — | Sep 2025 ₹127 Cr | Dec 2025 ₹165 Cr | Mar 2026 ₹207 Cr | Jun 2026 —
- RAJPALAYAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹223 Cr | Mar 2023 ₹221 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹232 Cr | Dec 2023 ₹203 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹218 Cr | Sep 2024 ₹229 Cr | Dec 2024 ₹229 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹189 Cr | Sep 2025 ₹241 Cr | Dec 2025 ₹243 Cr | Mar 2026 ₹269 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- KPRMILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 75% | Sep 2022 0.7% | Dec 2022 14% | Mar 2023 35% | Jun 2023 1.6% | Sep 2023 24% | Dec 2023 -13% | Mar 2024 -13% | Jun 2024 -0.1% | Sep 2024 -2.1% | Dec 2024 23% | Mar 2025 4.2% | Jun 2025 9.7% | Sep 2025 10% | Dec 2025 -4.1% | Mar 2026 0.9% | Jun 2026 —
- VTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 3.6% | Dec 2022 -11% | Mar 2023 -1.8% | Jun 2023 -18% | Sep 2023 -3.0% | Dec 2023 -1.7% | Mar 2024 -1.1% | Jun 2024 -0.4% | Sep 2024 4.4% | Dec 2024 5.8% | Mar 2025 2.0% | Jun 2025 3.3% | Sep 2025 -0.9% | Dec 2025 1.6% | Mar 2026 -0.4% | Jun 2026 —
- SANATHAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 10% | Sep 2024 -0.5% | Dec 2024 -4.7% | Mar 2025 -3.2% | Jun 2025 -4.6% | Sep 2025 10% | Dec 2025 45% | Mar 2026 60% | Jun 2026 —
- SANGAMIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 -6.9% | Mar 2023 -7.2% | Jun 2023 -5.1% | Sep 2023 -11% | Dec 2023 2.6% | Mar 2024 2.3% | Jun 2024 2.4% | Sep 2024 7.5% | Dec 2024 21% | Mar 2025 4.7% | Jun 2025 14% | Sep 2025 16% | Dec 2025 2.8% | Mar 2026 20% | Jun 2026 8.9%
- NITINSPIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 -24% | Dec 2022 -24% | Mar 2023 -15% | Jun 2023 -13% | Sep 2023 46% | Dec 2023 40% | Mar 2024 22% | Jun 2024 30% | Sep 2024 12% | Dec 2024 12% | Mar 2025 5.0% | Jun 2025 -1.3% | Sep 2025 -7.7% | Dec 2025 -4.5% | Mar 2026 2.3% | Jun 2026 —
- SPORTKING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 5.3% | Dec 2022 -13% | Mar 2023 -10.0% | Jun 2023 -11% | Sep 2023 14% | Dec 2023 17% | Mar 2024 14% | Jun 2024 18% | Sep 2024 3.8% | Dec 2024 1.8% | Mar 2025 3.0% | Jun 2025 -7.6% | Sep 2025 -3.8% | Dec 2025 5.9% | Mar 2026 1.3% | Jun 2026 —
- PASHUPATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -24% | Sep 2025 -30% | Dec 2025 -3.5% | Mar 2026 33% | Jun 2026 —
- INDORAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.7% | Mar 2024 2.7% | Jun 2024 23% | Sep 2024 -24% | Dec 2024 24% | Mar 2025 33% | Jun 2025 38% | Sep 2025 28% | Dec 2025 1.4% | Mar 2026 0.3% | Jun 2026 —
- RSWM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 22% | Jun 2024 34% | Sep 2024 16% | Dec 2024 22% | Mar 2025 7.3% | Jun 2025 -3.2% | Sep 2025 -1.3% | Dec 2025 -8.8% | Mar 2026 -9.1% | Jun 2026 —
- AMBIKCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.3% | Mar 2024 11% | Jun 2024 -5.9% | Sep 2024 0.5% | Dec 2024 -20% | Mar 2025 -34% | Jun 2025 -8.1% | Sep 2025 0.0% | Dec 2025 12% | Mar 2026 58% | Jun 2026 —
- SWARAJ: Sep 2021 — | Dec 2021 — | Mar 2022 -7.8% | Jun 2022 — | Sep 2022 -45% | Dec 2022 — | Mar 2023 270% | Jun 2023 — | Sep 2023 218% | Dec 2023 — | Mar 2024 1.7% | Jun 2024 — | Sep 2024 13% | Dec 2024 — | Mar 2025 -4.5% | Jun 2025 — | Sep 2025 -22% | Dec 2025 92% | Mar 2026 22% | Jun 2026 —
- RAJPALAYAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -9.0% | Mar 2024 0.9% | Jun 2024 8.5% | Sep 2024 -1.3% | Dec 2024 13% | Mar 2025 -0.5% | Jun 2025 -13% | Sep 2025 5.2% | Dec 2025 6.1% | Mar 2026 21% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: K P R Mill Ltd leads opm at 20%; Sangam (India) Ltd leads margin change at +5 percentage points.

Investor read: K P R Mill Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: K P R Mill Ltd · 20% | 17.6% versus #2 · Ambika Cotton Mills Ltd | 1/8 recent comparable periods | 13/13 companies · 213 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. K P R Mill Ltd (KPRMILL): 20%
2. Ambika Cotton Mills Ltd (AMBIKCO): 17%
3. Swaraj Suiting Ltd (SWARAJ): 17%
4. Nitin Spinners Ltd (NITINSPIN): 15%
5. Sportking India Ltd (SPORTKING): 13%

### Margin change — fastest expanders
1. Sangam (India) Ltd (SANGAMIND): +5.0 pp
2. Indo Rama Synthetics (India) Ltd (INDORAMA): +2.0 pp
3. Rajapalayam Mills Ltd (RAJPALAYAM): +2.0 pp
4. K P R Mill Ltd (KPRMILL): +1.0 pp
5. Nitin Spinners Ltd (NITINSPIN): +1.0 pp

### 20-quarter OPM history
- KPRMILL: Sep 2021 29% | Dec 2021 24% | Mar 2022 23% | Jun 2022 23% | Sep 2022 26% | Dec 2022 19% | Mar 2023 16% | Jun 2023 21% | Sep 2023 20% | Dec 2023 22% | Mar 2024 20% | Jun 2024 20% | Sep 2024 20% | Dec 2024 20% | Mar 2025 19% | Jun 2025 18% | Sep 2025 19% | Dec 2025 20% | Mar 2026 20% | Jun 2026 —
- VTL: Sep 2021 28% | Dec 2021 24% | Mar 2022 18% | Jun 2022 19% | Sep 2022 14% | Dec 2022 8.0% | Mar 2023 11% | Jun 2023 9.0% | Sep 2023 9.0% | Dec 2023 10% | Mar 2024 13% | Jun 2024 15% | Sep 2024 13% | Dec 2024 13% | Mar 2025 11% | Jun 2025 14% | Sep 2025 13% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- SANATHAN: Sep 2021 17% | Dec 2021 15% | Mar 2022 15% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.4% | Sep 2023 7.0% | Dec 2023 8.0% | Mar 2024 10% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 9.0% | Sep 2025 8.0% | Dec 2025 5.0% | Mar 2026 8.0% | Jun 2026 —
- SANGAMIND: Sep 2021 12% | Dec 2021 12% | Mar 2022 15% | Jun 2022 13% | Sep 2022 11% | Dec 2022 10% | Mar 2023 10% | Jun 2023 8.0% | Sep 2023 7.0% | Dec 2023 8.0% | Mar 2024 10% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 10% | Dec 2025 11% | Mar 2026 12% | Jun 2026 12%
- NITINSPIN: Sep 2021 27% | Dec 2021 25% | Mar 2022 22% | Jun 2022 15% | Sep 2022 11% | Dec 2022 11% | Mar 2023 11% | Jun 2023 12% | Sep 2023 11% | Dec 2023 14% | Mar 2024 15% | Jun 2024 15% | Sep 2024 14% | Dec 2024 14% | Mar 2025 14% | Jun 2025 14% | Sep 2025 13% | Dec 2025 14% | Mar 2026 15% | Jun 2026 —
- SPORTKING: Sep 2021 30% | Dec 2021 28% | Mar 2022 26% | Jun 2022 22% | Sep 2022 8.9% | Dec 2022 8.0% | Mar 2023 10% | Jun 2023 9.0% | Sep 2023 6.0% | Dec 2023 8.0% | Mar 2024 11% | Jun 2024 12% | Sep 2024 10% | Dec 2024 10% | Mar 2025 12% | Jun 2025 12% | Sep 2025 10% | Dec 2025 10% | Mar 2026 13% | Jun 2026 —
- PASHUPATI: Sep 2021 8.9% | Dec 2021 — | Mar 2022 4.4% | Jun 2022 — | Sep 2022 3.5% | Dec 2022 — | Mar 2023 4.3% | Jun 2023 — | Sep 2023 4.2% | Dec 2023 — | Mar 2024 5.2% | Jun 2024 5.0% | Sep 2024 4.6% | Dec 2024 2.8% | Mar 2025 4.9% | Jun 2025 3.9% | Sep 2025 3.9% | Dec 2025 3.2% | Mar 2026 4.1% | Jun 2026 —
- INDORAMA: Sep 2021 4.8% | Dec 2021 8.6% | Mar 2022 10% | Jun 2022 5.0% | Sep 2022 0.2% | Dec 2022 -4.8% | Mar 2023 3.0% | Jun 2023 -3.0% | Sep 2023 2.0% | Dec 2023 -6.0% | Mar 2024 1.0% | Jun 2024 3.0% | Sep 2024 0.0% | Dec 2024 5.0% | Mar 2025 7.0% | Jun 2025 7.0% | Sep 2025 6.0% | Dec 2025 4.0% | Mar 2026 9.0% | Jun 2026 —
- RSWM: Sep 2021 11% | Dec 2021 12% | Mar 2022 12% | Jun 2022 11% | Sep 2022 7.6% | Dec 2022 2.2% | Mar 2023 5.0% | Jun 2023 2.0% | Sep 2023 2.0% | Dec 2023 2.0% | Mar 2024 4.0% | Jun 2024 4.0% | Sep 2024 3.0% | Dec 2024 4.0% | Mar 2025 6.0% | Jun 2025 6.0% | Sep 2025 6.0% | Dec 2025 6.0% | Mar 2026 6.0% | Jun 2026 —
- AMBIKCO: Sep 2021 31% | Dec 2021 30% | Mar 2022 26% | Jun 2022 23% | Sep 2022 20% | Dec 2022 22% | Mar 2023 17% | Jun 2023 11% | Sep 2023 13% | Dec 2023 14% | Mar 2024 15% | Jun 2024 16% | Sep 2024 12% | Dec 2024 14% | Mar 2025 17% | Jun 2025 14% | Sep 2025 13% | Dec 2025 14% | Mar 2026 17% | Jun 2026 —
- SWARAJ: Sep 2021 9.0% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 8.0% | Jun 2023 — | Sep 2023 11% | Dec 2023 — | Mar 2024 13% | Jun 2024 — | Sep 2024 15% | Dec 2024 17% | Mar 2025 20% | Jun 2025 — | Sep 2025 22% | Dec 2025 15% | Mar 2026 17% | Jun 2026 —
- RAJPALAYAM: Sep 2021 23% | Dec 2021 16% | Mar 2022 14% | Jun 2022 19% | Sep 2022 18% | Dec 2022 14% | Mar 2023 10% | Jun 2023 6.0% | Sep 2023 16% | Dec 2023 9.0% | Mar 2024 10% | Jun 2024 7.0% | Sep 2024 12% | Dec 2024 5.0% | Mar 2025 9.0% | Jun 2025 12% | Sep 2025 17% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —

### 20-quarter Margin change history
- KPRMILL: Sep 2021 +8.9 pp | Dec 2021 −2.8 pp | Mar 2022 −0.8 pp | Jun 2022 −1.7 pp | Sep 2022 −3.0 pp | Dec 2022 −5.3 pp | Mar 2023 −7.2 pp | Jun 2023 −2.2 pp | Sep 2023 −6.0 pp | Dec 2023 +3.0 pp | Mar 2024 +4.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- VTL: Sep 2021 +19.5 pp | Dec 2021 +8.0 pp | Mar 2022 −1.8 pp | Jun 2022 −6.2 pp | Sep 2022 −13.9 pp | Dec 2022 −15.8 pp | Mar 2023 −7.4 pp | Jun 2023 −9.7 pp | Sep 2023 −5.5 pp | Dec 2023 +2.0 pp | Mar 2024 +2.0 pp | Jun 2024 +6.0 pp | Sep 2024 +4.0 pp | Dec 2024 +3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- SANATHAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +5.6 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 −3.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- SANGAMIND: Sep 2021 +3.9 pp | Dec 2021 +2.4 pp | Mar 2022 −0.2 pp | Jun 2022 +1.1 pp | Sep 2022 −0.4 pp | Dec 2022 −1.9 pp | Mar 2023 −4.6 pp | Jun 2023 −5.1 pp | Sep 2023 −4.1 pp | Dec 2023 −2.0 pp | Mar 2024 0.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 −2.0 pp | Jun 2025 −3.0 pp | Sep 2025 +2.0 pp | Dec 2025 +3.0 pp | Mar 2026 +4.0 pp | Jun 2026 +5.0 pp
- NITINSPIN: Sep 2021 +13.7 pp | Dec 2021 +9.4 pp | Mar 2022 +1.4 pp | Jun 2022 −7.9 pp | Sep 2022 −15.4 pp | Dec 2022 −14.3 pp | Mar 2023 −10.8 pp | Jun 2023 −3.4 pp | Sep 2023 −0.3 pp | Dec 2023 +3.0 pp | Mar 2024 +4.0 pp | Jun 2024 +3.0 pp | Sep 2024 +3.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- SPORTKING: Sep 2021 +21.3 pp | Dec 2021 +10.7 pp | Mar 2022 +1.4 pp | Jun 2022 −5.7 pp | Sep 2022 −20.7 pp | Dec 2022 −19.7 pp | Mar 2023 −15.9 pp | Jun 2023 −13.1 pp | Sep 2023 −2.9 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 +3.0 pp | Sep 2024 +4.0 pp | Dec 2024 +2.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- PASHUPATI: Sep 2021 −1.5 pp | Dec 2021 — | Mar 2022 −2.0 pp | Jun 2022 — | Sep 2022 −5.4 pp | Dec 2022 — | Mar 2023 −0.0 pp | Jun 2023 — | Sep 2023 +0.6 pp | Dec 2023 — | Mar 2024 +0.9 pp | Jun 2024 — | Sep 2024 +0.5 pp | Dec 2024 — | Mar 2025 −0.4 pp | Jun 2025 −1.1 pp | Sep 2025 −0.7 pp | Dec 2025 +0.4 pp | Mar 2026 −0.8 pp | Jun 2026 —
- INDORAMA: Sep 2021 +7.2 pp | Dec 2021 +1.4 pp | Mar 2022 −2.0 pp | Jun 2022 −0.1 pp | Sep 2022 −4.6 pp | Dec 2022 −13.4 pp | Mar 2023 −7.3 pp | Jun 2023 −8.0 pp | Sep 2023 +1.8 pp | Dec 2023 −1.2 pp | Mar 2024 −2.0 pp | Jun 2024 +6.0 pp | Sep 2024 −2.0 pp | Dec 2024 +11.0 pp | Mar 2025 +6.0 pp | Jun 2025 +4.0 pp | Sep 2025 +6.0 pp | Dec 2025 −1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- RSWM: Sep 2021 +7.3 pp | Dec 2021 −1.2 pp | Mar 2022 −1.5 pp | Jun 2022 −0.3 pp | Sep 2022 −3.4 pp | Dec 2022 −9.4 pp | Mar 2023 −6.7 pp | Jun 2023 −8.7 pp | Sep 2023 −5.6 pp | Dec 2023 −0.2 pp | Mar 2024 −1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- AMBIKCO: Sep 2021 +13.4 pp | Dec 2021 +11.3 pp | Mar 2022 +1.8 pp | Jun 2022 −7.2 pp | Sep 2022 −11.3 pp | Dec 2022 −8.2 pp | Mar 2023 −9.4 pp | Jun 2023 −11.9 pp | Sep 2023 −6.7 pp | Dec 2023 −8.0 pp | Mar 2024 −2.0 pp | Jun 2024 +5.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 −2.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- SWARAJ: Sep 2021 — | Dec 2021 — | Mar 2022 +1.0 pp | Jun 2022 — | Sep 2022 +11.0 pp | Dec 2022 — | Mar 2023 −4.0 pp | Jun 2023 — | Sep 2023 −9.0 pp | Dec 2023 — | Mar 2024 +5.0 pp | Jun 2024 — | Sep 2024 +4.0 pp | Dec 2024 — | Mar 2025 +7.0 pp | Jun 2025 — | Sep 2025 +7.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- RAJPALAYAM: Sep 2021 +14.6 pp | Dec 2021 +5.7 pp | Mar 2022 −0.2 pp | Jun 2022 −1.6 pp | Sep 2022 −5.3 pp | Dec 2022 −2.4 pp | Mar 2023 −3.9 pp | Jun 2023 −13.3 pp | Sep 2023 −1.8 pp | Dec 2023 −5.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 −4.0 pp | Dec 2024 −4.0 pp | Mar 2025 −1.0 pp | Jun 2025 +5.0 pp | Sep 2025 +5.0 pp | Dec 2025 +6.0 pp | Mar 2026 +2.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: K P R Mill Ltd leads with ₹867 crore of TTM profit, 15.1% above Vardhman Textiles Ltd. Indo Rama Synthetics (India) Ltd shows ≥100% on the scoring scale (7450% uncapped) growth from a ₹151 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: K P R Mill Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: K P R Mill Ltd · ₹867 crore | 15.1% versus #2 · Vardhman Textiles Ltd | 6/8 recent comparable periods | 12/13 companies · 187 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. K P R Mill Ltd (KPRMILL): ₹867 Cr
2. Vardhman Textiles Ltd (VTL): ₹753 Cr
3. Nitin Spinners Ltd (NITINSPIN): ₹177 Cr
4. Indo Rama Synthetics (India) Ltd (INDORAMA): ₹151 Cr
5. Sangam (India) Ltd (SANGAMIND): ₹121 Cr

### Profit growth — fastest growers
1. Indo Rama Synthetics (India) Ltd (INDORAMA): 100%
2. RSWM Ltd (RSWM): 100%
3. Sangam (India) Ltd (SANGAMIND): 100%
4. Swaraj Suiting Ltd (SWARAJ): 91%
5. Ambika Cotton Mills Ltd (AMBIKCO): 9.1%

### 20-quarter Net profit history
- KPRMILL: Sep 2021 ₹242 Cr | Dec 2021 ₹212 Cr | Mar 2022 ₹220 Cr | Jun 2022 ₹227 Cr | Sep 2022 ₹203 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹187 Cr | Mar 2024 ₹214 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹205 Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹205 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹218 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹227 Cr | Jun 2026 —
- VTL: Sep 2021 ₹482 Cr | Dec 2021 ₹432 Cr | Mar 2022 ₹321 Cr | Jun 2022 ₹333 Cr | Sep 2022 ₹207 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹160 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹202 Cr | Jun 2024 ₹240 Cr | Sep 2024 ₹197 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹238 Cr | Jun 2025 ₹208 Cr | Sep 2025 ₹188 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹189 Cr | Jun 2026 —
- SANATHAN: Sep 2021 ₹85 Cr | Dec 2021 ₹92 Cr | Mar 2022 ₹92 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹24 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- SANGAMIND: Sep 2021 ₹30 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹33 Cr | Jun 2026 ₹41 Cr
- NITINSPIN: Sep 2021 ₹87 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- SPORTKING: Sep 2021 ₹110 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- PASHUPATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- INDORAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-66 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹-55 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-99 Cr | Mar 2024 ₹-40 Cr | Jun 2024 ₹-19 Cr | Sep 2024 ₹-44 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹64 Cr | Jun 2026 —
- RSWM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-13 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹-13 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹-34 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- AMBIKCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹27 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- SWARAJ: Sep 2021 ₹2 Cr | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 ₹5 Cr | Dec 2023 — | Mar 2024 ₹13 Cr | Jun 2024 — | Sep 2024 ₹10 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹18 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- RAJPALAYAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹30 Cr | Jun 2026 —

### 20-quarter Profit growth history
- KPRMILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 -16% | Dec 2022 -17% | Mar 2023 -4.6% | Jun 2023 -11% | Sep 2023 -0.5% | Dec 2023 6.9% | Mar 2024 1.9% | Jun 2024 0.0% | Sep 2024 1.5% | Dec 2024 8.0% | Mar 2025 -4.2% | Jun 2025 4.9% | Sep 2025 6.3% | Dec 2025 3.5% | Mar 2026 11% | Jun 2026 —
- VTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.1% | Sep 2022 -57% | Dec 2022 -76% | Mar 2023 -50% | Jun 2023 -59% | Sep 2023 -34% | Dec 2023 54% | Mar 2024 26% | Jun 2024 75% | Sep 2024 45% | Dec 2024 31% | Mar 2025 18% | Jun 2025 -13% | Sep 2025 -4.6% | Dec 2025 -21% | Mar 2026 -21% | Jun 2026 —
- SANATHAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 108% | Sep 2024 10% | Dec 2024 0.0% | Mar 2025 -15% | Jun 2025 -20% | Sep 2025 -39% | Dec 2025 -115% | Mar 2026 -50% | Jun 2026 —
- SANGAMIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 -59% | Mar 2023 -44% | Jun 2023 -75% | Sep 2023 -63% | Dec 2023 -78% | Mar 2024 -53% | Jun 2024 7.7% | Sep 2024 -45% | Dec 2024 -50% | Mar 2025 -29% | Jun 2025 -86% | Sep 2025 283% | Dec 2025 1,100% | Mar 2026 230% | Jun 2026 1,950%
- NITINSPIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 -67% | Dec 2022 -66% | Mar 2023 -54% | Jun 2023 -56% | Sep 2023 10% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 45% | Sep 2024 31% | Dec 2024 41% | Mar 2025 18% | Jun 2025 -2.4% | Sep 2025 -17% | Dec 2025 -2.2% | Mar 2026 24% | Jun 2026 —
- SPORTKING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.1% | Sep 2022 -100% | Dec 2022 -84% | Mar 2023 -70% | Jun 2023 -78% | Sep 2023 — | Dec 2023 -22% | Mar 2024 -26% | Jun 2024 78% | Sep 2024 88% | Dec 2024 29% | Mar 2025 52% | Jun 2025 6.3% | Sep 2025 -6.7% | Dec 2025 39% | Mar 2026 -5.7% | Jun 2026 —
- PASHUPATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -16% | Sep 2025 -24% | Dec 2025 187% | Mar 2026 -76% | Jun 2026 —
- INDORAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -2,100% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -36% | Mar 2026 25% | Jun 2026 —
- RSWM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -20% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -97% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3,300% | Jun 2026 —
- AMBIKCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -52% | Mar 2024 -11% | Jun 2024 4.8% | Sep 2024 7.7% | Dec 2024 7.7% | Mar 2025 0.0% | Jun 2025 -27% | Sep 2025 14% | Dec 2025 7.1% | Mar 2026 56% | Jun 2026 —
- SWARAJ: Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 100% | Jun 2023 — | Sep 2023 150% | Dec 2023 — | Mar 2024 225% | Jun 2024 — | Sep 2024 100% | Dec 2024 — | Mar 2025 38% | Jun 2025 — | Sep 2025 -10% | Dec 2025 120% | Mar 2026 39% | Jun 2026 —
- RAJPALAYAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -63% | Mar 2024 -72% | Jun 2024 -129% | Sep 2024 -160% | Dec 2024 1,033% | Mar 2025 -163% | Jun 2025 — | Sep 2025 — | Dec 2025 76% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Sanathan Textiles Ltd reports ₹409 crore of CAPEX; Sanathan Textiles Ltd has the highest covered intensity at 55.1%. Coverage is only 3 of 13 companies and 31 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Sanathan Textiles Ltd · ₹409 crore | 68.2× versus #2 · Swaraj Suiting Ltd | 8/8 recent comparable periods | 3/13 companies · 31 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Sanathan Textiles Ltd (SANATHAN): ₹409 Cr
2. Swaraj Suiting Ltd (SWARAJ): ₹6 Cr
3. Pashupati Cotspin Ltd (PASHUPATI): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. Sanathan Textiles Ltd (SANATHAN): 55%
2. Swaraj Suiting Ltd (SWARAJ): 4.7%

### 20-quarter CAPEX history
- SANATHAN: Sep 2021 ₹9 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹12 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹55 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹296 Cr | Sep 2024 ₹409 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PASHUPATI: Sep 2021 ₹2 Cr | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SWARAJ: Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 ₹22 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹26 Cr | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 — | Mar 2024 ₹28 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹24 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- SANATHAN: Sep 2021 1.3% | Dec 2021 1.4% | Mar 2022 1.4% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.7% | Sep 2023 7.4% | Dec 2023 0.3% | Mar 2024 14% | Jun 2024 38% | Sep 2024 55% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SWARAJ: Sep 2021 1.2% | Dec 2021 — | Mar 2022 47% | Jun 2022 — | Sep 2022 58% | Dec 2022 — | Mar 2023 1.1% | Jun 2023 — | Sep 2023 4.2% | Dec 2023 — | Mar 2024 16% | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 4.7% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: K P R Mill Ltd has the clearest covered balance-sheet capacity with ₹834 crore net cash and gross debt of ₹596 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Ambika Cotton Mills Ltd · ₹0 crore | 100% versus #2 · Pashupati Cotspin Ltd | 4/4 recent comparable periods | 13/13 companies · 210 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Ambika Cotton Mills Ltd (AMBIKCO): ₹0 Cr
2. Pashupati Cotspin Ltd (PASHUPATI): ₹99 Cr
3. Swaraj Suiting Ltd (SWARAJ): ₹327 Cr
4. Sportking India Ltd (SPORTKING): ₹463 Cr
5. Jaybharat Textiles & Real Estate Ltd (512233): ₹524 Cr — older report

### Net debt — lowest net debt
1. K P R Mill Ltd (KPRMILL): ₹-834 Cr
2. Ambika Cotton Mills Ltd (AMBIKCO): ₹-156 Cr
3. Pashupati Cotspin Ltd (PASHUPATI): ₹66 Cr
4. Swaraj Suiting Ltd (SWARAJ): ₹316 Cr
5. Sportking India Ltd (SPORTKING): ₹471 Cr

### 20-quarter Gross debt history
- KPRMILL: Sep 2021 ₹826 Cr | Dec 2021 ₹826 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹843 Cr | Dec 2023 ₹843 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹392 Cr | Dec 2024 ₹392 Cr | Mar 2025 ₹466 Cr | Jun 2025 ₹466 Cr | Sep 2025 ₹345 Cr | Dec 2025 ₹345 Cr | Mar 2026 ₹596 Cr | Jun 2026 —
- VTL: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹951 Cr | Dec 2024 ₹951 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- SANATHAN: Sep 2021 ₹453 Cr | Dec 2021 ₹378 Cr | Mar 2022 ₹378 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹281 Cr | Jun 2023 ₹281 Cr | Sep 2023 — | Dec 2023 ₹305 Cr | Mar 2024 ₹380 Cr | Jun 2024 ₹645 Cr | Sep 2024 ₹953 Cr | Dec 2024 ₹953 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- SANGAMIND: Sep 2021 ₹596 Cr | Dec 2021 ₹596 Cr | Mar 2022 ₹610 Cr | Jun 2022 ₹764 Cr | Sep 2022 ₹801 Cr | Dec 2022 ₹801 Cr | Mar 2023 ₹826 Cr | Jun 2023 ₹826 Cr | Sep 2023 ₹933 Cr | Dec 2023 ₹933 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.3K Cr
- NITINSPIN: Sep 2021 ₹734 Cr | Dec 2021 ₹734 Cr | Mar 2022 ₹689 Cr | Jun 2022 ₹689 Cr | Sep 2022 ₹577 Cr | Dec 2022 ₹577 Cr | Mar 2023 ₹980 Cr | Jun 2023 ₹980 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹915 Cr | Dec 2025 ₹915 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- SPORTKING: Sep 2021 ₹414 Cr | Dec 2021 ₹414 Cr | Mar 2022 ₹615 Cr | Jun 2022 ₹538 Cr | Sep 2022 ₹207 Cr | Dec 2022 ₹207 Cr | Mar 2023 ₹552 Cr | Jun 2023 ₹474 Cr | Sep 2023 ₹585 Cr | Dec 2023 ₹585 Cr | Mar 2024 ₹953 Cr | Jun 2024 ₹875 Cr | Sep 2024 ₹492 Cr | Dec 2024 ₹492 Cr | Mar 2025 ₹663 Cr | Jun 2025 ₹586 Cr | Sep 2025 ₹512 Cr | Dec 2025 ₹512 Cr | Mar 2026 ₹463 Cr | Jun 2026 —
- PASHUPATI: Sep 2021 ₹134 Cr | Dec 2021 ₹177 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹156 Cr | Sep 2022 ₹156 Cr | Dec 2022 ₹173 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹175 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹151 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹116 Cr | Dec 2024 — | Mar 2025 ₹114 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹99 Cr | Jun 2026 —
- INDORAMA: Sep 2021 ₹537 Cr | Dec 2021 ₹537 Cr | Mar 2022 ₹354 Cr | Jun 2022 ₹358 Cr | Sep 2022 ₹398 Cr | Dec 2022 ₹398 Cr | Mar 2023 ₹890 Cr | Jun 2023 ₹890 Cr | Sep 2023 ₹809 Cr | Dec 2023 ₹809 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- RSWM: Sep 2021 ₹884 Cr | Dec 2021 ₹884 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- AMBIKCO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹82 Cr | Jun 2024 ₹82 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹51 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- SWARAJ: Sep 2021 ₹38 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹126 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹199 Cr | Sep 2024 ₹199 Cr | Dec 2024 — | Mar 2025 ₹268 Cr | Jun 2025 ₹332 Cr | Sep 2025 ₹332 Cr | Dec 2025 ₹332 Cr | Mar 2026 ₹327 Cr | Jun 2026 —
- RAJPALAYAM: Sep 2021 ₹643 Cr | Dec 2021 ₹643 Cr | Mar 2022 ₹747 Cr | Jun 2022 ₹747 Cr | Sep 2022 ₹964 Cr | Dec 2022 — | Mar 2023 ₹1.1K Cr | Jun 2023 — | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —

### 20-quarter Net debt history
- KPRMILL: Sep 2021 ₹-13 Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹714 Cr | Jun 2022 ₹714 Cr | Sep 2022 ₹594 Cr | Dec 2022 ₹594 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹949 Cr | Jun 2024 ₹949 Cr | Sep 2024 ₹-362 Cr | Dec 2024 ₹-362 Cr | Mar 2025 ₹-113 Cr | Jun 2025 ₹-113 Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-1.3K Cr | Mar 2026 ₹-834 Cr | Jun 2026 —
- VTL: Sep 2021 ₹267 Cr | Dec 2021 ₹267 Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹-147 Cr | Dec 2022 ₹-147 Cr | Mar 2023 ₹192 Cr | Jun 2023 ₹163 Cr | Sep 2023 ₹-411 Cr | Dec 2023 ₹-411 Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹-395 Cr | Dec 2024 ₹-395 Cr | Mar 2025 ₹728 Cr | Jun 2025 ₹687 Cr | Sep 2025 ₹333 Cr | Dec 2025 ₹333 Cr | Mar 2026 ₹765 Cr | Jun 2026 —
- SANATHAN: Sep 2021 ₹376 Cr | Dec 2021 ₹297 Cr | Mar 2022 ₹297 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹224 Cr | Sep 2023 — | Dec 2023 ₹281 Cr | Mar 2024 ₹243 Cr | Jun 2024 ₹497 Cr | Sep 2024 ₹797 Cr | Dec 2024 ₹797 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- SANGAMIND: Sep 2021 ₹584 Cr | Dec 2021 ₹584 Cr | Mar 2022 ₹609 Cr | Jun 2022 ₹742 Cr | Sep 2022 ₹747 Cr | Dec 2022 ₹747 Cr | Mar 2023 ₹829 Cr | Jun 2023 ₹791 Cr | Sep 2023 ₹904 Cr | Dec 2023 ₹904 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.1K Cr
- NITINSPIN: Sep 2021 ₹718 Cr | Dec 2021 ₹718 Cr | Mar 2022 ₹689 Cr | Jun 2022 ₹688 Cr | Sep 2022 ₹567 Cr | Dec 2022 ₹567 Cr | Mar 2023 ₹980 Cr | Jun 2023 ₹980 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹909 Cr | Dec 2025 ₹909 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- SPORTKING: Sep 2021 ₹412 Cr | Dec 2021 ₹412 Cr | Mar 2022 ₹537 Cr | Jun 2022 ₹537 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹462 Cr | Jun 2023 ₹406 Cr | Sep 2023 ₹583 Cr | Dec 2023 ₹583 Cr | Mar 2024 ₹874 Cr | Jun 2024 ₹874 Cr | Sep 2024 ₹487 Cr | Dec 2024 ₹487 Cr | Mar 2025 ₹586 Cr | Jun 2025 ₹585 Cr | Sep 2025 ₹499 Cr | Dec 2025 ₹499 Cr | Mar 2026 ₹471 Cr | Jun 2026 —
- PASHUPATI: Sep 2021 ₹132 Cr | Dec 2021 ₹137 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹137 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹131 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹111 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹98 Cr | Dec 2024 — | Mar 2025 ₹82 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹66 Cr | Jun 2026 —
- INDORAMA: Sep 2021 ₹518 Cr | Dec 2021 ₹518 Cr | Mar 2022 ₹325 Cr | Jun 2022 ₹325 Cr | Sep 2022 ₹380 Cr | Dec 2022 ₹380 Cr | Mar 2023 ₹817 Cr | Jun 2023 ₹817 Cr | Sep 2023 ₹789 Cr | Dec 2023 ₹789 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- RSWM: Sep 2021 ₹879 Cr | Dec 2021 ₹879 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- AMBIKCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-135 Cr | Jun 2024 ₹-135 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-156 Cr | Jun 2025 ₹-156 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SWARAJ: Sep 2021 ₹38 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹126 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹199 Cr | Sep 2024 ₹199 Cr | Dec 2024 — | Mar 2025 ₹268 Cr | Jun 2025 ₹331 Cr | Sep 2025 ₹331 Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹316 Cr | Jun 2026 —
- RAJPALAYAM: Sep 2021 ₹636 Cr | Dec 2021 ₹636 Cr | Mar 2022 ₹746 Cr | Jun 2022 ₹746 Cr | Sep 2022 ₹958 Cr | Dec 2022 — | Mar 2023 ₹1.1K Cr | Jun 2023 — | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: K P R Mill Ltd leads ROCE at 19.6%, 1.7 percentage points above Indo Rama Synthetics (India) Ltd. Jaybharat Textiles & Real Estate Ltd has the strongest latest improvement at +22 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: K P R Mill Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: K P R Mill Ltd · 19.6% | 9.5% versus #2 · Indo Rama Synthetics (India) Ltd | 0/8 recent comparable periods | 13/13 companies · 183 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. K P R Mill Ltd (KPRMILL): 20%
2. Indo Rama Synthetics (India) Ltd (INDORAMA): 18%
3. Swaraj Suiting Ltd (SWARAJ): 18%
4. Sportking India Ltd (SPORTKING): 13%
5. Nitin Spinners Ltd (NITINSPIN): 12%

### ROCE change — fastest improvers
1. Jaybharat Textiles & Real Estate Ltd (512233): +22.0 pp — older report
2. Indo Rama Synthetics (India) Ltd (INDORAMA): +13.1 pp
3. Sangam (India) Ltd (SANGAMIND): +7.6 pp
4. RSWM Ltd (RSWM): +3.8 pp
5. Rajapalayam Mills Ltd (RAJPALAYAM): +1.4 pp

### 20-quarter ROCE history
- KPRMILL: Sep 2021 32% | Dec 2021 — | Mar 2022 30% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 23% | Dec 2023 25% | Mar 2024 23% | Jun 2024 24% | Sep 2024 21% | Dec 2024 23% | Mar 2025 20% | Jun 2025 23% | Sep 2025 19% | Dec 2025 22% | Mar 2026 18% | Jun 2026 —
- VTL: Sep 2021 18% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 9.6% | Jun 2023 — | Sep 2023 4.6% | Dec 2023 9.0% | Mar 2024 6.4% | Jun 2024 11% | Sep 2024 8.7% | Dec 2024 12% | Mar 2025 8.3% | Jun 2025 12% | Sep 2025 7.5% | Dec 2025 10% | Mar 2026 6.4% | Jun 2026 —
- SANATHAN: Sep 2021 20% | Dec 2021 28% | Mar 2022 37% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 11% | Jun 2024 11% | Sep 2024 9.7% | Dec 2024 13% | Mar 2025 7.6% | Jun 2025 9.1% | Sep 2025 6.3% | Dec 2025 7.1% | Mar 2026 5.8% | Jun 2026 —
- SANGAMIND: Sep 2021 20% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 12% | Dec 2023 9.9% | Mar 2024 7.2% | Jun 2024 9.2% | Sep 2024 7.2% | Dec 2024 8.9% | Mar 2025 7.2% | Jun 2025 7.5% | Sep 2025 8.3% | Dec 2025 11% | Mar 2026 12% | Jun 2026 15%
- NITINSPIN: Sep 2021 31% | Dec 2021 — | Mar 2022 40% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 9.7% | Dec 2023 13% | Mar 2024 13% | Jun 2024 16% | Sep 2024 15% | Dec 2024 16% | Mar 2025 16% | Jun 2025 15% | Sep 2025 15% | Dec 2025 15% | Mar 2026 14% | Jun 2026 —
- SPORTKING: Sep 2021 53% | Dec 2021 — | Mar 2022 60% | Jun 2022 — | Sep 2022 44% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 8.7% | Dec 2023 13% | Mar 2024 10% | Jun 2024 14% | Sep 2024 13% | Dec 2024 15% | Mar 2025 12% | Jun 2025 15% | Sep 2025 12% | Dec 2025 15% | Mar 2026 13% | Jun 2026 —
- PASHUPATI: Sep 2021 16% | Dec 2021 13% | Mar 2022 13% | Jun 2022 11% | Sep 2022 8.1% | Dec 2022 6.9% | Mar 2023 5.0% | Jun 2023 5.4% | Sep 2023 6.2% | Dec 2023 8.8% | Mar 2024 11% | Jun 2024 — | Sep 2024 15% | Dec 2024 — | Mar 2025 9.0% | Jun 2025 20% | Sep 2025 7.8% | Dec 2025 17% | Mar 2026 7.7% | Jun 2026 —
- INDORAMA: Sep 2021 31% | Dec 2021 — | Mar 2022 32% | Jun 2022 — | Sep 2022 27% | Dec 2022 — | Mar 2023 1.1% | Jun 2023 — | Sep 2023 -5.0% | Dec 2023 -5.4% | Mar 2024 -9.6% | Jun 2024 -2.0% | Sep 2024 -6.5% | Dec 2024 7.6% | Mar 2025 16% | Jun 2025 28% | Sep 2025 32% | Dec 2025 34% | Mar 2026 30% | Jun 2026 —
- RSWM: Sep 2021 21% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 6.4% | Jun 2023 — | Sep 2023 -1.4% | Dec 2023 2.1% | Mar 2024 -2.7% | Jun 2024 4.1% | Sep 2024 -1.1% | Dec 2024 6.4% | Mar 2025 2.4% | Jun 2025 5.6% | Sep 2025 5.7% | Dec 2025 8.2% | Mar 2026 6.2% | Jun 2026 —
- AMBIKCO: Sep 2021 27% | Dec 2021 — | Mar 2022 32% | Jun 2022 — | Sep 2022 27% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 12% | Dec 2023 12% | Mar 2024 9.2% | Jun 2024 13% | Sep 2024 9.7% | Dec 2024 12% | Mar 2025 9.1% | Jun 2025 11% | Sep 2025 8.5% | Dec 2025 10% | Mar 2026 9.5% | Jun 2026 —
- SWARAJ: Sep 2021 12% | Dec 2021 8.3% | Mar 2022 6.6% | Jun 2022 6.6% | Sep 2022 6.8% | Dec 2022 9.6% | Mar 2023 13% | Jun 2023 11% | Sep 2023 14% | Dec 2023 12% | Mar 2024 14% | Jun 2024 13% | Sep 2024 15% | Dec 2024 — | Mar 2025 18% | Jun 2025 19% | Sep 2025 22% | Dec 2025 — | Mar 2026 16% | Jun 2026 —
- RAJPALAYAM: Sep 2021 2.4% | Dec 2021 — | Mar 2022 3.7% | Jun 2022 — | Sep 2022 3.6% | Dec 2022 — | Mar 2023 3.1% | Jun 2023 — | Sep 2023 2.0% | Dec 2023 2.4% | Mar 2024 1.0% | Jun 2024 1.4% | Sep 2024 0.4% | Dec 2024 0.6% | Mar 2025 0.1% | Jun 2025 0.8% | Sep 2025 0.9% | Dec 2025 1.8% | Mar 2026 1.5% | Jun 2026 —

### 20-quarter ROCE change history
- KPRMILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 — | Mar 2023 −3.9 pp | Jun 2023 — | Sep 2023 −6.4 pp | Dec 2023 — | Mar 2024 −3.4 pp | Jun 2024 — | Sep 2024 −1.8 pp | Dec 2024 −2.0 pp | Mar 2025 −2.2 pp | Jun 2025 −1.4 pp | Sep 2025 −1.8 pp | Dec 2025 −1.6 pp | Mar 2026 −2.0 pp | Jun 2026 —
- VTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 — | Mar 2023 −10.6 pp | Jun 2023 — | Sep 2023 −11.6 pp | Dec 2023 — | Mar 2024 −3.2 pp | Jun 2024 — | Sep 2024 +4.1 pp | Dec 2024 +3.0 pp | Mar 2025 +1.9 pp | Jun 2025 +1.0 pp | Sep 2025 −1.2 pp | Dec 2025 −1.8 pp | Mar 2026 −1.9 pp | Jun 2026 —
- SANATHAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 −3.1 pp | Mar 2025 −3.6 pp | Jun 2025 −2.0 pp | Sep 2025 −3.4 pp | Dec 2025 −5.7 pp | Mar 2026 −1.8 pp | Jun 2026 —
- SANGAMIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.2 pp | Dec 2022 — | Mar 2023 −6.3 pp | Jun 2023 — | Sep 2023 −13.4 pp | Dec 2023 — | Mar 2024 −11.8 pp | Jun 2024 — | Sep 2024 −4.5 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.7 pp | Sep 2025 +1.1 pp | Dec 2025 +1.7 pp | Mar 2026 +4.8 pp | Jun 2026 +7.6 pp
- NITINSPIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 — | Mar 2023 −27.4 pp | Jun 2023 — | Sep 2023 −19.7 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 +5.2 pp | Dec 2024 +2.5 pp | Mar 2025 +3.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.2 pp | Dec 2025 −1.3 pp | Mar 2026 −1.5 pp | Jun 2026 —
- SPORTKING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.6 pp | Dec 2022 — | Mar 2023 −41.5 pp | Jun 2023 — | Sep 2023 −35.1 pp | Dec 2023 — | Mar 2024 −7.8 pp | Jun 2024 — | Sep 2024 +4.7 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.2 pp | Sep 2025 −1.7 pp | Dec 2025 +0.5 pp | Mar 2026 +1.0 pp | Jun 2026 —
- PASHUPATI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.6 pp | Dec 2022 −5.6 pp | Mar 2023 −7.8 pp | Jun 2023 −5.5 pp | Sep 2023 −1.9 pp | Dec 2023 +1.9 pp | Mar 2024 +6.1 pp | Jun 2024 — | Sep 2024 +8.5 pp | Dec 2024 — | Mar 2025 −2.1 pp | Jun 2025 — | Sep 2025 −6.9 pp | Dec 2025 — | Mar 2026 −1.3 pp | Jun 2026 —
- INDORAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.4 pp | Dec 2022 — | Mar 2023 −31.2 pp | Jun 2023 — | Sep 2023 −32.2 pp | Dec 2023 — | Mar 2024 −10.7 pp | Jun 2024 — | Sep 2024 −1.5 pp | Dec 2024 +13.0 pp | Mar 2025 +26.0 pp | Jun 2025 +30.2 pp | Sep 2025 +38.6 pp | Dec 2025 +26.0 pp | Mar 2026 +13.1 pp | Jun 2026 —
- RSWM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 — | Mar 2023 −13.9 pp | Jun 2023 — | Sep 2023 −20.7 pp | Dec 2023 — | Mar 2024 −9.1 pp | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 +4.3 pp | Mar 2025 +5.1 pp | Jun 2025 +1.5 pp | Sep 2025 +6.8 pp | Dec 2025 +1.8 pp | Mar 2026 +3.8 pp | Jun 2026 —
- AMBIKCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 — | Mar 2023 −14.1 pp | Jun 2023 — | Sep 2023 −14.8 pp | Dec 2023 — | Mar 2024 −8.7 pp | Jun 2024 — | Sep 2024 −2.0 pp | Dec 2024 −0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −1.8 pp | Sep 2025 −1.2 pp | Dec 2025 −1.9 pp | Mar 2026 +0.4 pp | Jun 2026 —
- SWARAJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.3 pp | Dec 2022 +1.3 pp | Mar 2023 +6.0 pp | Jun 2023 +4.7 pp | Sep 2023 +6.7 pp | Dec 2023 +2.5 pp | Mar 2024 +1.4 pp | Jun 2024 +1.9 pp | Sep 2024 +1.1 pp | Dec 2024 — | Mar 2025 +3.6 pp | Jun 2025 +5.9 pp | Sep 2025 +7.4 pp | Dec 2025 — | Mar 2026 −1.8 pp | Jun 2026 —
- RAJPALAYAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 — | Mar 2023 −0.6 pp | Jun 2023 — | Sep 2023 −1.6 pp | Dec 2023 — | Mar 2024 −2.1 pp | Jun 2024 — | Sep 2024 −1.6 pp | Dec 2024 −1.8 pp | Mar 2025 −0.9 pp | Jun 2025 −0.6 pp | Sep 2025 +0.5 pp | Dec 2025 +1.2 pp | Mar 2026 +1.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Sangam (India) Ltd has the lowest comparable Guarded PEG at 0.52×, 18.8% below Sportking India Ltd. Only 5 of 13 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Sangam (India) Ltd · 0.52× | 18.8% versus #2 · Sportking India Ltd | 0/8 recent comparable periods | 5/13 companies · 26 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Sangam (India) Ltd (SANGAMIND): 0.5
2. Sportking India Ltd (SPORTKING): 0.6
3. K P R Mill Ltd (KPRMILL): 1.4
4. Nitin Spinners Ltd (NITINSPIN): 1.4
5. Vardhman Textiles Ltd (VTL): 2.7

### P/E — lowest P/E
1. Rajapalayam Mills Ltd (RAJPALAYAM): 6.6
2. Indo Rama Synthetics (India) Ltd (INDORAMA): 8.3
3. Ambika Cotton Mills Ltd (AMBIKCO): 13.7
4. RSWM Ltd (RSWM): 16.0
5. Nitin Spinners Ltd (NITINSPIN): 17.0

### 20-quarter Guarded PEG history
- KPRMILL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.5 | Dec 2022 1.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.4 | Mar 2024 — | Jun 2024 — | Sep 2024 1.1 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.7 | Dec 2025 2.7 | Mar 2026 — | Jun 2026 —
- SANGAMIND: Sep 2021 — | Dec 2021 — | Mar 2022 0.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 —
- NITINSPIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.2 | Dec 2024 0.9 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 1.4 | Mar 2026 — | Jun 2026 —
- SPORTKING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.6 | Mar 2025 0.2 | Jun 2025 — | Sep 2025 0.3 | Dec 2025 0.5 | Mar 2026 0.6 | Jun 2026 —

### 20-quarter P/E history
- KPRMILL: Sep 2021 25.5 | Dec 2021 30.6 | Mar 2022 27.5 | Jun 2022 20.4 | Sep 2022 20.4 | Dec 2022 20.6 | Mar 2023 24.0 | Jun 2023 27.9 | Sep 2023 32.6 | Dec 2023 35.7 | Mar 2024 35.5 | Jun 2024 38.4 | Sep 2024 41.3 | Dec 2024 42.9 | Mar 2025 37.6 | Jun 2025 47.9 | Sep 2025 44.4 | Dec 2025 38.3 | Mar 2026 34.1 | Jun 2026 —
- VTL: Sep 2021 13.1 | Dec 2021 11.0 | Mar 2022 10.6 | Jun 2022 5.4 | Sep 2022 6.3 | Dec 2022 6.2 | Mar 2023 5.5 | Jun 2023 13.3 | Sep 2023 17.9 | Dec 2023 21.0 | Mar 2024 21.7 | Jun 2024 22.0 | Sep 2024 18.4 | Dec 2024 18.6 | Mar 2025 13.5 | Jun 2025 16.1 | Sep 2025 14.2 | Dec 2025 15.3 | Mar 2026 19.1 | Jun 2026 —
- SANATHAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 20.1 | Mar 2025 19.8 | Jun 2025 23.2 | Sep 2025 26.7 | Dec 2025 26.7 | Mar 2026 32.3 | Jun 2026 —
- SANGAMIND: Sep 2021 14.1 | Dec 2021 18.0 | Mar 2022 10.4 | Jun 2022 8.2 | Sep 2022 6.4 | Dec 2022 5.6 | Mar 2023 5.6 | Jun 2023 8.8 | Sep 2023 13.7 | Dec 2023 20.9 | Mar 2024 26.8 | Jun 2024 40.7 | Sep 2024 46.0 | Dec 2024 44.8 | Mar 2025 48.5 | Jun 2025 61.3 | Sep 2025 81.2 | Dec 2025 50.1 | Mar 2026 30.3 | Jun 2026 28.0
- NITINSPIN: Sep 2021 8.0 | Dec 2021 6.8 | Mar 2022 5.1 | Jun 2022 3.5 | Sep 2022 3.7 | Dec 2022 4.2 | Mar 2023 6.0 | Jun 2023 9.1 | Sep 2023 12.8 | Dec 2023 13.9 | Mar 2024 13.9 | Jun 2024 15.2 | Sep 2024 15.2 | Dec 2024 16.0 | Mar 2025 10.7 | Jun 2025 12.4 | Sep 2025 10.7 | Dec 2025 10.7 | Mar 2026 12.1 | Jun 2026 —
- SPORTKING: Sep 2021 10.1 | Dec 2021 6.9 | Mar 2022 4.2 | Jun 2022 2.9 | Sep 2022 2.3 | Dec 2022 2.9 | Mar 2023 3.8 | Jun 2023 7.3 | Sep 2023 11.9 | Dec 2023 13.0 | Mar 2024 13.1 | Jun 2024 15.3 | Sep 2024 17.3 | Dec 2024 13.8 | Mar 2025 9.4 | Jun 2025 12.4 | Sep 2025 10.9 | Dec 2025 9.8 | Mar 2026 11.9 | Jun 2026 —
- PASHUPATI: Sep 2021 14.3 | Dec 2021 12.6 | Mar 2022 17.1 | Jun 2022 19.4 | Sep 2022 26.7 | Dec 2022 30.9 | Mar 2023 38.0 | Jun 2023 41.9 | Sep 2023 52.9 | Dec 2023 51.3 | Mar 2024 37.5 | Jun 2024 92.6 | Sep 2024 91.9 | Dec 2024 57.8 | Mar 2025 71.0 | Jun 2025 74.2 | Sep 2025 71.2 | Dec 2025 90.2 | Mar 2026 97.2 | Jun 2026 —
- INDORAMA: Sep 2021 6.4 | Dec 2021 5.6 | Mar 2022 6.1 | Jun 2022 6.2 | Sep 2022 5.1 | Dec 2022 6.4 | Mar 2023 12.7 | Jun 2023 14.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -11.7 | Mar 2025 634.9 | Jun 2025 17.1 | Sep 2025 19.5 | Dec 2025 8.9 | Mar 2026 5.8 | Jun 2026 —
- RSWM: Sep 2021 7.4 | Dec 2021 7.6 | Mar 2022 6.3 | Jun 2022 4.3 | Sep 2022 3.6 | Dec 2022 3.4 | Mar 2023 3.7 | Jun 2023 7.8 | Sep 2023 23.6 | Dec 2023 116.9 | Mar 2024 122.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -15.3 | Jun 2025 -49.0 | Sep 2025 85.9 | Dec 2025 87.5 | Mar 2026 20.7 | Jun 2026 —
- AMBIKCO: Sep 2021 9.6 | Dec 2021 8.4 | Mar 2022 8.9 | Jun 2022 5.0 | Sep 2022 5.1 | Dec 2022 5.2 | Mar 2023 5.6 | Jun 2023 8.3 | Sep 2023 9.2 | Dec 2023 12.5 | Mar 2024 12.4 | Jun 2024 14.4 | Sep 2024 15.4 | Dec 2024 14.2 | Mar 2025 11.1 | Jun 2025 13.5 | Sep 2025 13.5 | Dec 2025 11.8 | Mar 2026 10.7 | Jun 2026 —
- SWARAJ: Sep 2021 — | Dec 2021 — | Mar 2022 9.3 | Jun 2022 3.9 | Sep 2022 4.0 | Dec 2022 12.3 | Mar 2023 10.7 | Jun 2023 40.5 | Sep 2023 42.8 | Dec 2023 25.5 | Mar 2024 46.9 | Jun 2024 25.7 | Sep 2024 29.3 | Dec 2024 19.2 | Mar 2025 12.5 | Jun 2025 12.8 | Sep 2025 10.6 | Dec 2025 13.1 | Mar 2026 14.8 | Jun 2026 —
- RAJPALAYAM: Sep 2021 7.0 | Dec 2021 4.7 | Mar 2022 4.4 | Jun 2022 3.9 | Sep 2022 4.7 | Dec 2022 8.8 | Mar 2023 8.1 | Jun 2023 9.0 | Sep 2023 16.5 | Dec 2023 17.2 | Mar 2024 21.6 | Jun 2024 56.5 | Sep 2024 54.5 | Dec 2024 34.3 | Mar 2025 24.9 | Jun 2025 53.6 | Sep 2025 24.6 | Dec 2025 13.9 | Mar 2026 8.6 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Ambika Cotton Mills Ltd leads ev/ebitda at 4.2×; Rajapalayam Mills Ltd leads p/bv at 0.31×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Ambika Cotton Mills Ltd · 4.2× | 27.6% versus #2 · Indo Rama Synthetics (India) Ltd | 0/8 recent comparable periods | 12/13 companies · 210 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Ambika Cotton Mills Ltd (AMBIKCO): 4.2
2. Indo Rama Synthetics (India) Ltd (INDORAMA): 5.8
3. RSWM Ltd (RSWM): 6.3
4. Sportking India Ltd (SPORTKING): 6.4
5. Nitin Spinners Ltd (NITINSPIN): 6.6

### P/BV — lowest P/BV
1. Rajapalayam Mills Ltd (RAJPALAYAM): 0.3
2. RSWM Ltd (RSWM): 0.7
3. Ambika Cotton Mills Ltd (AMBIKCO): 1.0
4. Vardhman Textiles Ltd (VTL): 1.7
5. Nitin Spinners Ltd (NITINSPIN): 2.0

### 20-quarter EV/EBITDA history
- KPRMILL: Sep 2021 16.4 | Dec 2021 20.3 | Mar 2022 18.5 | Jun 2022 13.5 | Sep 2022 13.4 | Dec 2022 13.2 | Mar 2023 15.4 | Jun 2023 17.8 | Sep 2023 21.0 | Dec 2023 22.8 | Mar 2024 22.7 | Jun 2024 24.3 | Sep 2024 26.6 | Dec 2024 26.8 | Mar 2025 23.6 | Jun 2025 30.3 | Sep 2025 27.3 | Dec 2025 23.2 | Mar 2026 20.6 | Jun 2026 —
- VTL: Sep 2021 8.0 | Dec 2021 7.2 | Mar 2022 7.1 | Jun 2022 4.1 | Sep 2022 4.3 | Dec 2022 4.3 | Mar 2023 4.1 | Jun 2023 8.0 | Sep 2023 9.2 | Dec 2023 10.1 | Mar 2024 10.8 | Jun 2024 11.3 | Sep 2024 10.5 | Dec 2024 10.1 | Mar 2025 7.6 | Jun 2025 9.7 | Sep 2025 8.1 | Dec 2025 8.9 | Mar 2026 10.6 | Jun 2026 —
- SANATHAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 15.7 | Mar 2025 15.5 | Jun 2025 15.4 | Sep 2025 19.1 | Dec 2025 18.0 | Mar 2026 16.5 | Jun 2026 —
- SANGAMIND: Sep 2021 6.4 | Dec 2021 8.3 | Mar 2022 6.4 | Jun 2022 5.7 | Sep 2022 5.5 | Dec 2022 5.0 | Mar 2023 4.5 | Jun 2023 6.1 | Sep 2023 8.4 | Dec 2023 11.5 | Mar 2024 12.4 | Jun 2024 11.6 | Sep 2024 13.1 | Dec 2024 12.2 | Mar 2025 12.0 | Jun 2025 12.5 | Sep 2025 11.8 | Dec 2025 12.0 | Mar 2026 10.7 | Jun 2026 11.1
- NITINSPIN: Sep 2021 5.7 | Dec 2021 4.5 | Mar 2022 3.7 | Jun 2022 3.2 | Sep 2022 2.8 | Dec 2022 3.3 | Mar 2023 4.9 | Jun 2023 7.3 | Sep 2023 9.8 | Dec 2023 10.4 | Mar 2024 9.1 | Jun 2024 7.9 | Sep 2024 8.4 | Dec 2024 8.0 | Mar 2025 6.3 | Jun 2025 7.4 | Sep 2025 6.4 | Dec 2025 6.0 | Mar 2026 6.6 | Jun 2026 —
- SPORTKING: Sep 2021 6.8 | Dec 2021 5.0 | Mar 2022 3.4 | Jun 2022 2.8 | Sep 2022 1.7 | Dec 2022 2.0 | Mar 2023 3.7 | Jun 2023 5.8 | Sep 2023 7.2 | Dec 2023 7.5 | Mar 2024 6.9 | Jun 2024 6.5 | Sep 2024 9.0 | Dec 2024 6.7 | Mar 2025 5.1 | Jun 2025 8.1 | Sep 2025 6.5 | Dec 2025 5.5 | Mar 2026 6.4 | Jun 2026 —
- PASHUPATI: Sep 2021 7.4 | Dec 2021 6.8 | Mar 2022 8.3 | Jun 2022 9.8 | Sep 2022 13.0 | Dec 2022 13.7 | Mar 2023 15.9 | Jun 2023 15.4 | Sep 2023 15.3 | Dec 2023 11.8 | Mar 2024 10.2 | Jun 2024 23.4 | Sep 2024 22.7 | Dec 2024 20.5 | Mar 2025 24.6 | Jun 2025 28.9 | Sep 2025 25.2 | Dec 2025 33.4 | Mar 2026 39.0 | Jun 2026 —
- INDORAMA: Sep 2021 9.0 | Dec 2021 8.6 | Mar 2022 7.8 | Jun 2022 6.6 | Sep 2022 5.5 | Dec 2022 6.2 | Mar 2023 8.2 | Jun 2023 24.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 124.7 | Dec 2024 109.8 | Mar 2025 18.5 | Jun 2025 12.4 | Sep 2025 9.4 | Dec 2025 7.0 | Mar 2026 5.8 | Jun 2026 —
- RSWM: Sep 2021 5.3 | Dec 2021 5.2 | Mar 2022 4.7 | Jun 2022 4.2 | Sep 2022 3.9 | Dec 2022 3.8 | Mar 2023 4.4 | Jun 2023 5.8 | Sep 2023 8.5 | Dec 2023 12.7 | Mar 2024 11.9 | Jun 2024 14.8 | Sep 2024 17.2 | Dec 2024 14.7 | Mar 2025 10.8 | Jun 2025 11.1 | Sep 2025 8.8 | Dec 2025 7.3 | Mar 2026 6.3 | Jun 2026 —
- AMBIKCO: Sep 2021 5.6 | Dec 2021 4.4 | Mar 2022 5.0 | Jun 2022 3.3 | Sep 2022 2.2 | Dec 2022 2.1 | Mar 2023 2.3 | Jun 2023 3.4 | Sep 2023 3.6 | Dec 2023 5.0 | Mar 2024 4.3 | Jun 2024 4.7 | Sep 2024 6.2 | Dec 2024 5.2 | Mar 2025 3.8 | Jun 2025 5.8 | Sep 2025 5.6 | Dec 2025 4.6 | Mar 2026 4.2 | Jun 2026 —
- SWARAJ: Sep 2021 — | Dec 2021 — | Mar 2022 6.0 | Jun 2022 5.4 | Sep 2022 10.6 | Dec 2022 9.7 | Mar 2023 6.9 | Jun 2023 13.1 | Sep 2023 14.1 | Dec 2023 11.6 | Mar 2024 16.9 | Jun 2024 13.3 | Sep 2024 16.0 | Dec 2024 11.5 | Mar 2025 9.6 | Jun 2025 8.3 | Sep 2025 7.3 | Dec 2025 8.6 | Mar 2026 10.2 | Jun 2026 —
- RAJPALAYAM: Sep 2021 19.5 | Dec 2021 14.0 | Mar 2022 11.3 | Jun 2022 9.0 | Sep 2022 11.4 | Dec 2022 10.7 | Mar 2023 8.2 | Jun 2023 10.0 | Sep 2023 16.2 | Dec 2023 16.5 | Mar 2024 18.7 | Jun 2024 21.2 | Sep 2024 18.6 | Dec 2024 21.5 | Mar 2025 19.7 | Jun 2025 21.7 | Sep 2025 19.5 | Dec 2025 17.0 | Mar 2026 14.4 | Jun 2026 —

### 20-quarter P/BV history
- KPRMILL: Sep 2021 6.8 | Dec 2021 8.4 | Mar 2022 8.1 | Jun 2022 7.3 | Sep 2022 5.4 | Dec 2022 5.2 | Mar 2023 6.2 | Jun 2023 7.2 | Sep 2023 6.9 | Dec 2023 7.0 | Mar 2024 7.0 | Jun 2024 6.9 | Sep 2024 7.6 | Dec 2024 7.4 | Mar 2025 6.6 | Jun 2025 8.9 | Sep 2025 7.3 | Dec 2025 6.0 | Mar 2026 5.4 | Jun 2026 —
- VTL: Sep 2021 1.6 | Dec 2021 1.9 | Mar 2022 2.2 | Jun 2022 1.2 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.1 | Jun 2023 1.4 | Sep 2023 1.3 | Dec 2023 1.3 | Mar 2024 1.4 | Jun 2024 1.6 | Sep 2024 1.5 | Dec 2024 1.6 | Mar 2025 1.2 | Jun 2025 1.6 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.5 | Jun 2026 —
- SANATHAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.3 | Mar 2025 2.2 | Jun 2025 2.2 | Sep 2025 2.3 | Dec 2025 2.0 | Mar 2026 1.7 | Jun 2026 —
- SANGAMIND: Sep 2021 1.2 | Dec 2021 2.5 | Mar 2022 2.1 | Jun 2022 2.2 | Sep 2022 1.4 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.8 | Sep 2023 1.7 | Dec 2023 2.0 | Mar 2024 2.1 | Jun 2024 2.1 | Sep 2024 2.2 | Dec 2024 1.9 | Mar 2025 2.0 | Jun 2025 2.2 | Sep 2025 1.9 | Dec 2025 2.0 | Mar 2026 1.9 | Jun 2026 2.3
- NITINSPIN: Sep 2021 2.0 | Dec 2021 2.1 | Mar 2022 2.1 | Jun 2022 2.1 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 1.4 | Jun 2023 1.7 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.7 | Jun 2024 1.9 | Sep 2024 1.9 | Dec 2024 2.0 | Mar 2025 1.5 | Jun 2025 1.9 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 1.5 | Jun 2026 —
- SPORTKING: Sep 2021 4.9 | Dec 2021 3.5 | Mar 2022 2.8 | Jun 2022 3.2 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.2 | Jun 2023 1.6 | Sep 2023 1.3 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.4 | Sep 2024 1.8 | Dec 2024 1.4 | Mar 2025 1.0 | Jun 2025 1.7 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 1.4 | Jun 2026 —
- PASHUPATI: Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 1.8 | Jun 2022 1.7 | Sep 2022 1.8 | Dec 2022 1.6 | Mar 2023 1.4 | Jun 2023 1.5 | Sep 2023 1.8 | Dec 2023 1.6 | Mar 2024 1.2 | Jun 2024 6.9 | Sep 2024 6.4 | Dec 2024 6.3 | Mar 2025 7.7 | Jun 2025 6.8 | Sep 2025 7.2 | Dec 2025 8.0 | Mar 2026 9.7 | Jun 2026 —
- INDORAMA: Sep 2021 3.9 | Dec 2021 3.8 | Mar 2022 4.4 | Jun 2022 5.0 | Sep 2022 2.3 | Dec 2022 2.4 | Mar 2023 1.7 | Jun 2023 2.1 | Sep 2023 2.2 | Dec 2023 2.7 | Mar 2024 2.0 | Jun 2024 2.0 | Sep 2024 3.6 | Dec 2024 3.4 | Mar 2025 2.9 | Jun 2025 3.4 | Sep 2025 3.9 | Dec 2025 2.9 | Mar 2026 1.8 | Jun 2026 —
- RSWM: Sep 2021 1.2 | Dec 2021 1.6 | Mar 2022 1.4 | Jun 2022 1.4 | Sep 2022 1.0 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.9 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.4 | Jun 2026 —
- AMBIKCO: Sep 2021 1.7 | Dec 2021 1.7 | Mar 2022 2.2 | Jun 2022 1.6 | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 0.9 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.7 | Jun 2026 —
- SWARAJ: Sep 2021 — | Dec 2021 — | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 2.2 | Sep 2023 2.3 | Dec 2023 1.6 | Mar 2024 3.0 | Jun 2024 5.0 | Sep 2024 5.1 | Dec 2024 3.7 | Mar 2025 2.4 | Jun 2025 3.4 | Sep 2025 2.8 | Dec 2025 3.2 | Mar 2026 3.6 | Jun 2026 —
- RAJPALAYAM: Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.3 | Sep 2022 0.4 | Dec 2022 0.3 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.4 | Dec 2024 0.5 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 —

## Market action

Swaraj Suiting Ltd has the strongest one-year price move in Textiles - Spinning at +83.8%. Sportking India Ltd leads on Mansfield relative strength against NIFTY at +75.3%. 11 of 13 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Swaraj Suiting Ltd (SWARAJ): 84%
2. Sportking India Ltd (SPORTKING): 61%
3. Nitin Spinners Ltd (NITINSPIN): 38%
4. Sangam (India) Ltd (SANGAMIND): 32%
5. RSWM Ltd (RSWM): 27%

### Strongest relative strength versus NIFTY 500
1. Sportking India Ltd (SPORTKING): 75%
2. Swaraj Suiting Ltd (SWARAJ): 49%
3. Nitin Spinners Ltd (NITINSPIN): 38%
4. RSWM Ltd (RSWM): 34%
5. Sangam (India) Ltd (SANGAMIND): 34%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 6 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.

## Every company
- K P R Mill Ltd (KPRMILL) — market value ₹36.3K Cr; latest fundamentals Mar 2026
- Vardhman Textiles Ltd (VTL) — market value ₹17.8K Cr; latest fundamentals Mar 2026
- Sanathan Textiles Ltd (SANATHAN) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- Sangam (India) Ltd (SANGAMIND) — market value ₹3.1K Cr; latest fundamentals Jun 2026
- Nitin Spinners Ltd (NITINSPIN) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- Sportking India Ltd (SPORTKING) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Pashupati Cotspin Ltd (PASHUPATI) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Indo Rama Synthetics (India) Ltd (INDORAMA) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- RSWM Ltd (RSWM) — market value ₹997 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Ambika Cotton Mills Ltd (AMBIKCO) — market value ₹978 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Swaraj Suiting Ltd (SWARAJ) — market value ₹970 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Jaybharat Textiles & Real Estate Ltd (512233) — market value ₹895 Cr; latest fundamentals Mar 2019
- Rajapalayam Mills Ltd (RAJPALAYAM) — market value ₹745 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 6. Unverified: 7. Withheld: 0. Graded companies: 13.

6 of 13 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | PASHUPATI | Pashupati Cotspin Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | INDORAMA | Indo Rama Synthetics (India) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | RSWM | RSWM Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | AMBIKCO | Ambika Cotton Mills Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SWARAJ | Swaraj Suiting Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | RAJPALAYAM | Rajapalayam Mills Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Textiles - Spinning index?

The Nifty Textiles - Spinning index tracks India's listed Textiles - Spinning companies as a single basket. This page follows the same 13 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Textiles - Spinning sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Textiles - Spinning stocks in India?

Ranked by this page's four-factor score, Sangam (India) Ltd places first among 13 listed Textiles - Spinning companies, followed by Sportking India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Textiles - Spinning stocks are listed in India?

This comparison covers 13 listed Textiles - Spinning companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Textiles - Spinning company is the biggest?

Vardhman Textiles Ltd is the largest, with trailing-twelve-month revenue of ₹9,869 crore, ahead of K P R Mill Ltd at ₹6,650 crore. That covers 12 of 13 companies with comparable reporting through Mar 2026.

### Which Textiles - Spinning company is growing fastest?

Sanathan Textiles Ltd has the fastest revenue growth at 27.1% year on year, across 12 of 13 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Textiles - Spinning company has the best profit margins?

K P R Mill Ltd has the highest operating margin at 20%, from 13 of 13 comparable companies. Sangam (India) Ltd shows the biggest recent improvement, at +5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Textiles - Spinning company makes the most profit?

K P R Mill Ltd earns the most, at ₹867 crore of trailing-twelve-month net profit, from 12 of 13 comparable companies. Indo Rama Synthetics (India) Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Textiles - Spinning company earns the highest return on capital?

K P R Mill Ltd leads on return on capital employed at 19.6%, across 13 of 13 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Textiles - Spinning stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Sangam (India) Ltd screens cheapest at 0.52×. Only 5 of 13 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Textiles - Spinning company has the strongest balance sheet?

Ambika Cotton Mills Ltd carries the lowest comparable gross debt at ₹0 crore, from 13 of 13 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Textiles - Spinning sector beating the market?

Textiles - Spinning has outperformed NIFTY 500 by 24.7% over the last 52 weeks and 18.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 13 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Textiles - Spinning stock has the strongest price momentum?

Sportking India Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Textiles - Spinning company scores highest for research priority?

Sangam (India) Ltd scores 67.9 out of 100 with 100% evidence confidence, from 30.7 points on growth and earnings, 9.6 on capital efficiency, 14.9 on valuation and 12.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Textiles - Spinning companies does this comparison cover, and over what period?

It compares 13 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Textiles - Spinning sector?

The 13 Textiles - Spinning companies on this page carry ₹74,196 crore of combined market value. K P R Mill Ltd is the largest at ₹36,284 crore, about 49% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Textiles - Spinning sector's P/E ratio?

The median price-to-earnings ratio across the 13 Textiles - Spinning companies on this page is 22.7×, measured on the 12 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Textiles - Spinning sector performing?

11 of the 13 covered Textiles - Spinning companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 24.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/textiles-spinning